Business intelligence refers to a set of tools and processes that help companies manage their data from the collection phase to the reporting phase. In this way, organizations can discover valuable trends and ideas to inform their strategies and ensure continuous growth. Business intelligence (BI) is software that ingests business data and presents it in easy-to-use views, such as reports, dashboards, tables, and graphs. Business intelligence tools allow business users to access different types of data (historical and current, third-party and internal), as well as semi-structured and unstructured data, such as those from networks social.
Users can analyze this information to obtain information about the company's performance. Automate planning, budgeting, forecasting, and analysis processes. Go beyond spreadsheets to increase efficiency and eliminate manual steps. We're thrilled with IBM Planning Analytics on Cloud; it's become the one-stop shop for all our financial and accounting needs.
We rely much more on our metrics, in fact, there is now an attitude in the company that “it doesn't count if it doesn't come from Cognos”. You just need to add data. This jargon leads to the emergence of buzzwords in business intelligence that can dilute the meaning of important information. The CEO or CXO can increase the profits of their business by improving operational efficiency of your business.
However, business intelligence concepts entail great confusion and, ultimately, unnecessary industry jargon. For example, a company can analyze historical sales data to predict demand for specific products and ensure accurate inventory levels. If you ask a BI professional about the main concepts and components of business intelligence, they'll likely break them down into specific segments or layers. For example, artificial intelligence in business intelligence plays a fundamental role in pattern recognition.
The IT dashboard presented above offers all the basics of BI, plus a combination of customized IT KPIs, to help manage and improve even the most demanding IT departments. To be fair, business intelligence (BI) is a topic that's very easy to get confused with, especially when you consider all the chatter and poor content that's circulating on the topic today. The term business intelligence was first used in 1865 by author Richard Millar Devens, quoting a banker who collected information about the market before his competitors. In this way, software companies offer business intelligence solutions to optimize the information obtained from the data.
BI tools perform data analysis and create reports, summaries, dashboards, maps, graphs, and tables to provide users with detailed information about the nature of the business. They need the right tools to aggregate business information from anywhere, analyze it, discover patterns and find solutions. Business intelligence gives organizations the ability to ask questions in simple language and get answers they can understand.
